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Federal Reserve Governor Milan: Interest rates are appropriate when they are well below current levels.February 10th - The National Labor Relations Board (NLRB) is dropping its years-long legal battle against Elon Musks SpaceX and hinted that it will recuse itself from future cases against the company. The NLRB announced it would withdraw its lawsuit two years after alleging the aerospace company fired eight engineers for participating in an open letter criticizing Musk. In a letter to the former employees lawyers, the NLRB cited a recent opinion from the National Mediation Board (NMB), which argued that SpaceX engineers fall under its jurisdiction, not the NLRBs.Federal Reserve Governor Milan will participate in the recording of the WBUR podcast in ten minutes.February 10th - According to foreign media reports, after a turbulent Monday as he struggled to retain his position, Starmer has consolidated his position as British Prime Minister. However, this is only a temporary respite. Insiders within the ruling Labour Party say that Starmer appears safe in the short term after receiving public support from all cabinet ministers, including potential rivals Wes Streeting, Ed Miliband, and another possible successor, former Deputy Prime Minister Angela Rayner. However, while Streeting stated, "Lets give Starmer a chance to clarify how he will lead us forward," he has not yet posted on X platform like his cabinet colleagues. This lukewarm support suggests that Streeting may be waiting for the right moment. Instead, he chose to release some of his text messages with Mandelson in an attempt to distance himself from criticism regarding his close relationship with Mandelson and his support for his ambassadorial appointment. One of Starmers allies stated that a silent majority within the Labour Party still does not want a change of leader.The Dow Jones Industrial Average rose 20.20 points, or 0.04%, to close at 50,135.87 on Monday, February 9; the S&P 500 rose 32.52 points, or 0.47%, to close at 6,964.82; and the Nasdaq Composite rose 207.46 points, or 0.90%, to close at 23,238.67.

U.S. Congress Leans Toward Massive China Competition Bill And Votes on Iran

Charlie Brooks

May 05, 2022 10:14

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The United States Congress moved closer to finalizing a long-stalled bill allowing hundreds of billions of dollars to bolster the country's ability to compete with Chinese technology on Wednesday, with Senate votes on a variety of subjects, including Iran policy.


Although the motions are not binding, they provide insight into what senators want to see in the final bill and what would prevent it from receiving enough votes to become law.


Republicans used debate on the bill to offer motions weighing in on President Joe Biden's efforts to renegotiate the international nuclear deal with Iran, which passed with support from several Democrats.


Republicans were unified in their opposition to the 2015 nuclear deal.


Senators voted 62-33 on a "Motion to Instruct" that, if passed, would prevent the Biden administration from eliminating Iran's Revolutionary Guard Corps' terrorist status, a roadblock to restarting the nuclear accord.


Additionally, the Senate voted 86-12 in favor of a resolution declaring that sanctions against Iran related to terrorism are vital to rein in China's assistance with Iran.


Such measures might complicate delicate nuclear deal negotiations, but western officials have largely abandoned optimism that the deal can be restored following then-Republican President Donald Trump's 2018 withdrawal.


They also have the potential to complicate the passage of the China competition measure, which has been wending its way through Congress for a year.


Senate passed the first version in June 2021, with overwhelming bipartisan backing. The $250 billion package was heralded as the most significant government intervention in manufacturing in decades, but it was delayed in the House.


In February 2022, the House enacted its version, the "America COMPETES Act of 2022." Except for one Republican in the chamber, every Republican voted nay.


Nearly $300 billion is authorized for research and development under the COMPETES Act, including $52 billion to subsidize semiconductor manufacture and research.


After the Senate votes on all 28 Motions to Instruct, House and Senate lawmakers will begin their conference on a final COMPETES Act. Aides to Congress anticipated months of negotiations.